22620. Farmers Bank (Hudson, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 21, 1857
Location
Hudson, Wisconsin (44.975, -92.757)

Metadata

Model
gpt-5-mini
Short Digest
8c92b9d0

Response Measures

None

Description

Contemporary reports state the Farmer's (Farmers') Bank of Hudson, Wis., has closed its doors and its president made an assignment for the benefit of creditors (insolvency). No article describes a depositor run prior to closure; this is a suspension that became permanent/led to assignment. OCR shows both Farmer's Bank and Farmers Bank; used provided name.

Events (2)

1. September 21, 1857 Receivership
Newspaper Excerpt
Dr. Otis Hoyt, the President and principal stockholder, has made an assignment for the benefit of his creditors. Circulation, $27,500; securities deposited with State Comptroller, $33,000.
Source
newspapers
2. September 21, 1857 Suspension
Cause
Bank Specific Adverse Info
Cause Details
President and principal stockholder made an assignment for creditors; bank closed its doors due to insolvency.
Newspaper Excerpt
The Farmer's Bank of Hudson, Wis., has closed its doors, and Dr. Otis Hoyt, the President and principal stockholder, has made an assignment for the benefit of his creditors.
Source
newspapers

Newspaper Articles (4)

Article from The Weekly Pioneer and Democrat, September 24, 1857

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Article Text

COMMERCIAL MONETARY AFFAIRS.--The monetary difficulties of the country, which commenced three weeks since in New York, are gradually clear ing up at the starting point; but during the pas week have been darkening the Western sky to some extent. Several bankers in the Western Cities have temporarily suspended, and a number of banks are said to have closed their doors. Among the nearest suspensions. are those of Herron Brothers, of Dubuque. Their liabilities are between $90 and $100,000. and their assets, about $175,000, showing that depositors can lose nothing by them. They will resume business in a few days. The banking house of Carter & Co., Galena, Illinois, has suspended, caused by the failure of the Ohio Trust Company. In this City there is no excitement. and business men all appear to be well prepared for their engagements. Money is scaree, however. and is not to be had, except on the best of paper, and high rates. Exchange on the East is scarce, and commands 11 per cent. premium. Gold commands 2 per cent. on currency. The bankers of this city purchase no money of the various discredited banks, owing to the trouble of sending it home, and the want of money for home business. Some of the banks named below, are no doubt solvent, and holders will Lose nothing. They will only have to wait until the smoke clears away. In the meantime, however, bills on the following named banka embracing all the lately discredited ones, with a few of the older failures, are not current in this city: Tiverton Bank, MountVernon Bank. Farmers' Bank of Wickford. Bank of South County... Rhode Island. Warren County Bank. Bank of Middletown, Farmers' & Drovers' Bank--Pennsylvania. Wooster Bank. Bank of North America- -Connecticut. Hollister Bank of Buffalo. Sacket's Harbor Bank, Ontario Bank, Bank of Orleans, Huguenot Bank, Reciprocity Bank of Buffalo, Oliver Lee & Co.'s Bank, Buffalo, Chatauqui County Bank-New York. Bergin County Bank, Bank of New Jersey, Bank of America, Trenton - New Jersey. Kanawha Bank-Virginia. Warren County Bank, Honesdale Bank-Pennsylvania. Miami Valley Bank. Daytou, Norwalk Bank. Norwalk, Seneca County Bank, Tiffen--Ohio. Bank of Commerce.-Georgetown, D.C. Citizens' Bank--Gosport, Indiana. The Citizen's Bank of Gosport, is an individual concern, and the owner may be able and willing to redeem all his money, but it is not secured according to the Indiana law, and those who take it run their OWR risks. It is taken by some, but not generally current. Of Nebraska money, a number of dealers in the city have been taking it, while with others it won'tgo. It is not by any means a current money, and our country readers can govern themselves accordingly. The following Illinois and Wisconsin banks were down for a few days. but our brokers are now receiving the notes of all of them on deposit: Bank of Elgin, Bank of Aurora, Bank of Southern Illinois, Southern Bank of Illinois, Bank of Waperville, State Bank of Illinois-II. linois. Rock River Bank, Reloit, State Bank of Wisconsin, Farmers' Bank of Hudson-Wisconsin.


Article from The Davenport Daily Gazette, September 28, 1857

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Article Text

Diecred Manko. The following is a corrected list to date, of recent euepended and discredited banks Nebracks money has been thrown out by our bro here. except the Bank of Florence Bank of the Capitol, Indianapolis, Indiana, e. . do Central Hank, do do Bank of Elgin. III as, email circulation Mechanics Banking Association N IY .. Ohio Life and Truel company, don't leetle notes. Bank of Kanewha, Va Reciprocity Bank Buffalo, N.Y now bank . . Hollister Bank, Buffalo N Y. . . Warren County Bank Pa. Bank of Middletown, Pa. Honeedale Bank. Pa Bank of North America, Conn. Ontario Bank. Utica, N.Y. Fort Plain Bank . . Farmers' Bank of Saratoga N Yee Farmers' and Manufacturere Bank Poughteepsie N Y Farmers' Bank Wickford R I M Vernon Bank, Providence R I Tiverton Bank, Fall River R I Wooster Bank, Dembury Conn. Borgen County Bank, N. Ellaworth Bank, Maine. Bank of the South County. R I Sackett's Harbor Bank N Y. This Bank which was an oid liner. was lately merged into the Recipro city Bank at Buffalo: but few of the notes of either were in circulation in the west. Exeter Bank N H South Royalton Bank, Vt. Chemung County Bank, Horseheads N Y .. Geneca County Bank, Ohio Oliver Lee & Co.'s Bank, Buffalo, N Y reported failed, e.e. Ningara River Bank Tonawanda N Y reported failed, Hancock Bank, Maine Maratime Bank, Maine America Bank, Trenton N J. Bank of New Jersey, New Brunewick; N J Huguenot Bank New Platz N Y . . Bank of South County, Wakefield R I Rock River Bank, Reloit, Wisconein . . Farmers Bank Hudeon. Wis . e. Bank of Colehester, Conn Western Bank Lockport N. Y Niagara Cocunty Bank, Lockport N Y Note means secured by Statestocks Our eubecribere ought to lose nothing by the euepension of these banks The others have but little circule tidn in the west Our readers are cautioned against exercificing notes of occured banks, as some of them will probably be reinstated, while those finally compelled to close up, in the ordinery couree of things, will pay a large proportion of their debt. -- Chicago Tribune 24th To these we may add the following Medius Hank, Medina. N Y Hank of Hallowell, Maine Girard Bank Philadelphia. Bank of Philadelphia Bank of Commerce, Philadelphia


Article from Quasqueton Guardian, October 1, 1857

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Article Text

Failures. MILWAUKEE, Sept. 21.-The Farmer's Bank of Hudson, Wis., has closed its doors, and Dr. Otis Hoyt, the President and principal stockholder, has made an assignment for the benefit of his creditors. Circulation, $27,500; securities deposited with State Comptroller, $33000. PHILADELPHIA, September 22.-Messrs. Robert Patterson & Co., extensive dealers in sugar, have failed. Their liabilities are yery large, The failure will have a bad effect in New Orleans. James Carter & Co., of Galena, whose suspension we announced last week, are to resume business immediately.


Article from Grant County Herald, October 3, 1857

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Article Text

10 The week past has been one of general disaster in the great financial centres of the country. Every day has brought reports of the suspension of banks or business firms, involving very heavy losses, and Saturday brought intelligence of the general suspension of specie payments by the Banks of Philadelphia and Baltimore, alluded to elsewhere in our columns. We have already alluded to the closing of the Rock River Bank of Beloit, and the Farmers' Bank of Hudson, and on Friday we noticed the suspension of the Fox River Bank, of Green Bay. On Saturday the People's Bank of this city suspended; circulation by the Comptroller's Report of July 1st, $22,997; securities $20,000 in Missouri 6's, and $3,000 in Virginia 6's. The Badger State Bank of Janesville alSO suspended on Saturday. Circulation $22,370; securities $17,000 Missouri 6's, and $9,000 Tennessee 6's. Prices of wheat were considerably improved during the week, and remained quite steady for the last three days, but the falling off from the highest rates caused a diminution of receipts on Saturday, which alone kept up the prices on that day.-[Milwaukee Sentinel of Tuesday.